Does it affect your credit rating to get a debt consolidation loan?
Question:
Answer:
Yes because you are taking on new debt. Although if you make your payments on time for a few years your credit rating could be higher than when you started granted all other payments you owe you make on time.
Consolidation will affect your credit rating.
Any time you take out a loan, regardless of type, it will have an affect on your credit score. If you are using the loan to pay off credit cards, it is advisable not to use the credit cards again or you will find yourself in the same trap in the future.
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